Plans to initiate projects that will lead to growth, development, and expansion of the online P2P lending market

Maharashtra, India – India’s leading peer-to-peer lending companies announced they have come together to form the Association of P2P Lending Platforms. The first-of-its-kind association will act as a representative for its members, as well as the country’s P2P lending industry. The association will also work in conjunction with the government and regulatory authorities in matters of compliance, and to further the cause of financial inclusion in the country. The association will actively work towards creating awareness as well as undertake research and development to improve online P2P lending in India.

On the formation of the association, Mr. Sumit K Sharma, CEO, P2P Easy, and Association of P2P Lending Platforms said “Online P2P lending is leading the way for the evolution of alternative finance in the country and is facilitating financial on a massive scale. Given the government and the RBI’s decision to include peer-to-peer lending as part of the national financial regulatory framework, the industry’s prospects in the next year are extremely promising. The Association of P2P Lending Platforms and all its members will be dedicated to ensuring the utmost co-operation with the regulators, facilitating the industry’s expansion on various fronts, and establishing P2P lending as an innovative and lucrative asset class among Indian consumers”.

Research and development will be a crucial factor in the success of this platform. The research and its findings will be shared publicly, and exchange of ideas will be encouraged through various conferences, lectures, and sponsored events. In line with this aim, the association will enter into strategic partnerships and collaborations with other stakeholders or industry players, organize seminar and events. The association will also invite honorary members from various domains to strengthen its authority in the Indian financial ecosystem.

The growth projections for the P2P lending market is worth $4-5 billion by 2023, and the RBI’s guidelines have lent immense credibility to the P2P lending model. With the RBI’s guidelines and the creation of a regulatory framework, online peer-to-peer lending is set to headline fintech’s growth story in 2018, emerging as a disruptive force in investments and consumer lending. However, for the industry to make the most out of the emerging opportunities, P2P lending players will need to work together, not only with each other but also with the government and regulators to ensure overall growth for the sector.

“The Association of P2P Lending Platforms will help streamline the industry and work with various stakeholders in the alternative lending and financial services ecosystem to further reinforce the sector’s potential in the market,” said Mr. Sumail A Khan.